Income Tax Slab For FY 2018-19
The finance minister during his budget speech has announced that there will be no change in the structure of the income tax rates for individuals.
There is a proposal of 4% Heath and education cess
Here are the Proposed income tax slab rates in India for different categories of tax payers for FY 2018-19:
Income Tax Slab Rate for men below 60 Years of Age
Income upto Rs. 2,50,000 - Nil
Income between Rs. 2,50,001 - Rs. 500,000 - 5%
Income between Rs. 500,001 - Rs. 10,00,000 - 20%
Income above Rs. 10,00,000 - 10 %
30% of Income exceeding Rs. 10,00,000
Plus:
Surcharge:
10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore
Health & Education cess: 4% of tax plus surcharge
Income Tax Slab Rate for Women below 60 Years of Age
Income up to Rs. 2,50,000 - Nil
Income between Rs. 2,50,001 - Rs. 500,000 -5% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 - Rs. 10,00,000 - 20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 - 30% of Income exceeding Rs. 10,00,000
Plus:
Surcharge:
10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore
Health & Education cess: 4% of tax plus surcharge
Income Tax Slab Rate for Senior Citizens (Age 60 years or more but less than 80 years)
Income upto Rs. 3,00,000 - Nil
Income between Rs. 3,00,001 - Rs. 500,000 - 5% of Income exceeding Rs. 3,00,000
Income between Rs. 500,001 - Rs. 10,00,000 - 20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 - 30% of Income exceeding Rs. 10,00,000
Plus:
Surcharge:
10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore
Health & Education cess: 4% of tax plus surcharge
Income Tax Slab Rate for Senior Citizens (Age 80 years or more)
Income upto Rs. 5,00,000 - Nil
Income between Rs. 500,001 - Rs. 10,00,000 - 20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 - 30% of Income exceeding Rs. 10,00,000
Plus:
Surcharge:
10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore
Health & Education cess: 4% of tax plus surcharge
Income Tax Slab Rate Hindu Undivided Families (HUF)
Income up to Rs. 2,50,000 - Nil
Income between Rs. 2,50,001 - Rs. 500,000 - 5% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 - Rs. 10,00,000 - 20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 - 30% of Income exceeding Rs. 10,00,000
Plus:
Surcharge:
10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore
Health & Education cess: 4% of tax plus surcharge
Partnership Firms
Partnership Firms and LLPs (Limited Liability Partnerships) are to be taxed at the rate of 30%.
Plus:
Surcharge: 12% of tax where total income exceeds Rs. 1 Crore
Health & Education cess: 4% of tax plus surcharge
Local Authorities
Local Authorities are to be taxed at the rate of 30%.
Plus:
Surcharge: 12% of tax where total income exceeds Rs. 1 Crore
Health & Education cess: 4% of tax plus surcharge
Domestic Companies
Domestic Companies are to be taxed at the rate of 30%. However, tax rate will be 25% if turnover or gross receipt of the company does not exceed Rs. 250 crores.
Plus:
Surcharge:
7% of tax where total income exceeds Rs. 1 Crore
12% of tax where total income exceeds Rs. 10 Crore
Health & Education cess: 4% of tax plus surcharge
Income Tax Slab Rate of Co-operative Societies
Up to Rs.10,000 - 10% of Income
Rs.10,000 to Rs 20,000 - 20% of Income exceeding Rs. 10,000
Over Rs. 20,000 - 30% of Income exceeding Rs. 20,000
Plus:
Surcharge: 12% of tax where total income exceeds Rs. 1 Crore
Health & Education cess: 4% of tax plus surcharge
Eligibility criteria for claiming rebate u/s 87A for FY 2018-19
No further changes have been proposed in the Finance Bill towards the rebate for FY 2018-19. In order to claim the rebate under Section 87A for the financial year 2018-19, an individual’s total income doesn’t exceed Rs 3,50,000.
2500 Rs rebate
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